Mutual Boiler Re, a provider of equipment breakdown reinsurance and related services to insurance companies in North America, is now offering risk improvement insurance coverage to its clients and their commercial policyholders as one of the new additional coverages on its new Commercial Power Plus form.
Insureds who have suffered a covered equipment breakdown loss will be eligible to receive up to 10 percent of the paid loss amount, up to a maximum of $10,000, for electrical quality risk improvement they make to better protect their facilities.
“Given that more than 60 percent of all equipment breakdown losses at businesses are electrical in nature, with a large majority caused by power surge, protection against power quality issues is critical to preventing these types of losses,” said Rick Gillen, vice president and operations manager, Mutual Boiler Re.
Gillen added the new risk improvement coverage will help provide protection against equipment breakdown and improve property exposures.
Mutual Boiler Re, a member of the FM Global Group, is a premier provider of equipment breakdown product offerings to more than 200 partner insurance companies in the U.S. and Canada. By providing high-performance products, innovative services and advanced property loss prevention engineering, Mutual Boiler Re helps its partner companies offer broader and more competitive insurance coverage, foster new business opportunities and improve customer retention.
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